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Posted Date : 22-Apr-2024 , 07:51:53 am | Posted By CASANSAAR
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ...
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Posted Date : 06-Apr-2024 , 08:59:31 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers...
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Posted Date : 01-Apr-2024 , 08:00:53 pm | Posted By CASANSAAR
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without...
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Posted Date : 10-Mar-2024 , 09:22:59 pm | Posted By CASANSAAR
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financia...
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Posted Date : 07-Mar-2024 , 08:32:55 am | Posted By CASANSAAR
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...
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Posted Date : 05-Mar-2024 , 08:36:20 am | Posted By CASANSAAR
The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the taxpayer for ...
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Posted Date : 05-Mar-2024 , 08:19:44 am | Posted By CASANSAAR
The Income Tax Department on Monday said it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assess...
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Posted Date : 05-Mar-2024 , 08:13:08 am | Posted By CASANSAAR
The finance ministry is looking to modify the income tax rule on payments to micro, small and medium enterprises (MSMEs) within 45 days. The new rule, to take effect from April 1, is being reviewed by the North Block officials following demands from industry. While some businesses have sought ...
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Posted Date : 16-Feb-2024 , 04:03:49 pm | Posted By CASANSAAR
The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments. A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed b...
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Posted Date : 01-Feb-2024 , 08:13:53 am | Posted By CASANSAAR
The Income Tax department on Wednesday said that services for taxpayers on the e-filing portal will not be available between February 3 and early February 5 on account of scheduled maintenance. “…taxpayer services on the e-filing portal will be restricted from 2 pm on Saturday (03....
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Posted Date : 29-Nov-2023 , 07:21:13 am | Posted By CASANSAAR
The income tax (I-T) department has introduced a crucial functionality on its website allowing taxpayers to discard their previously filed but unverified Income Tax Returns (ITR). Earlier, taxpayers were allowed to revise the ITR only in case of error or omission. “The income tax portal has...
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Posted Date : 29-Nov-2023 , 07:18:00 am | Posted By CASANSAAR
The Delhi High Court on November 28 imposed a fine of Rs 2 lakh on Ashneer Grover, the former Managing Director and co-founder of Bharat Pe, for sharing inappropriate posts about Bharat Pe. The action, however, was taken despite Grover giving assurance to the court that he would refrain from doing s...
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Posted Date : 22-Nov-2023 , 08:10:32 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) through its Notification No. 94/2023 dated 31/10/2023 has introduced changes to the ITR-7 form to accommodate the taxable income of individuals eligible to file the ITR-7 form under the tax rates applicable to AOP, which aligns with the slab rates applicable ...
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Posted Date : 28-Oct-2023 , 07:53:34 am | Posted By CASANSAAR
Income Tax Returns filed by individual taxpayers have registered an increase of 90 per cent from 3.36 crore in Assessment Year 2013-14 to 6.37 crores in 2021-22. Finance Ministry said, the average gross total income for individual taxpayers have registered an increase of 56 percent from 201...
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Posted Date : 21-Oct-2023 , 08:28:58 am | Posted By CASANSAAR
In a big win for revenue authorities, the Supreme Court has held that the provisions of the 'Most Favoured Nation' clause in a tax treaty are not triggered automatically and a separate notification is required. The SC's order is likely to result in re-opening of several high-value cases,...
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Posted Date : 04-Oct-2023 , 08:45:34 am | Posted By CASANSAAR
If you are eligible for lower or NIL or lower TDS (Tax Deducted at Source) under Income Tax Act, filing for the certificate will be much easier as the Income Tax Department has finalised the e-procedure for the process. The new mechanism has come into effect from October 1. An assessee must compl...
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Posted Date : 16-Sep-2023 , 10:03:53 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has registered an alleged corruption case against a former Additional Commissioner of Income Tax, Santosh Karnani, his wife, one director of an Ahmedabad-based firm and others. It is based on the findings of another case taken over by the agency in Octobe...
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Posted Date : 25-Aug-2023 , 08:23:48 am | Posted By CASANSAAR
The income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented d...
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Posted Date : 04-Aug-2023 , 07:36:03 am | Posted By CASANSAAR
The Delhi High Court on Tuesday dismissed a plea filed by Ashneer Grover, former managing director of BharatPe, challenging an income tax notice issued to him under Section 8 of the Black Money Act. The high court asked Grover's counsel to withdraw the petition voluntarily, or the court...
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Posted Date : 25-Jul-2023 , 01:32:36 pm | Posted By CASANSAAR
CLICK ON THE LINK FOR COMPLETE VIDEO, https://youtu.be/bbla_-LmrJQ A cavalier attitude towards filing of income tax returns (ITRs), complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of the ta...
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Posted Date : 25-Jul-2023 , 07:55:11 am | Posted By CASANSAAR
The government has approved an interest rate of 8.15 percent on deposits under the Employees Provident Fund scheme for the financial year 2022-23. According to the Employees' Provident Fund Organization (EPFO), the Ministry of Labour and Employment has conveyed the approval of the Central gov...
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Posted Date : 20-Jul-2023 , 07:12:55 am | Posted By CASANSAAR
Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 9...
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Posted Date : 15-Jul-2023 , 06:53:35 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Friday arrested former Income-Tax (I-T) officer Tanaji Mandal Adhikari and his associates Bhushan Patil and Rajesh Shetty in connection with a Rs 263-crore TDS scam. Adhikari allegedly generated fake TDS (Tax Deducted at Source) refunds to the tune of Rs 263 crore...
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Posted Date : 13-Jul-2023 , 08:26:45 am | Posted By CASANSAAR
The Centre’s move to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA) was to empower the relevant investigating agencies to deal with tax fraud and money laundering matters, and not giving outright access to data to any party, s...
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Posted Date : 01-Jul-2023 , 09:59:02 am | Posted By CASANSAAR
Kind Attention PAN holders! Instances have come to notice where PAN holders have faced difficulty in downloading the challan after payment of fee for Aadhaar-PAN linking. In this regard, it is to be informed that status of challan payment may be checked in ‘e-pay tax’ tab of ...
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Posted Date : 01-Jul-2023 , 09:38:06 am | Posted By CASANSAAR
The Income-Tax Department has been focusing its efforts on promoting voluntary compliance. In this endeavour, information is received about financial transactions of taxpayers from Reporting Entities, such as Banks, Forex Dealers, Sub-Registrars, etc. The information furnished by the Reporting Entit...
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Posted Date : 27-Jun-2023 , 08:58:41 am | Posted By CASANSAAR
The income tax department has tweaked disclosure norms for charitable institutions claiming I-T exemption by seeking additional details. As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities ...
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Posted Date : 09-Jun-2023 , 10:08:15 am | Posted By CASANSAAR
The Government has sought applications for a total of 15 positions of judicial and technical members at the National Company Law Tribunal (NCLT) as well as the appellate tribunal NCLAT. As many as 15 posts, including that of 5 judicial members and 5 technical members, are to be filled up at the...
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Posted Date : 29-May-2023 , 10:21:25 am | Posted By CASANSAAR
The Income Tax department has come out with guidelines for selection of cases for scrutiny, under which cases wherein assessees have not responded to I-T notices will be picked up for compulsory examination. The department will also undertake cases for scrutiny where specific information regarding t...
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Posted Date : 26-May-2023 , 09:55:45 am | Posted By CASANSAAR
In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh. So far, the tax exemption on leave encashment for non-government employees was Rs 3 lakh which was fixed...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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